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Billionaire Auto Magnate Sues Daughter for $398 Million

Magna International Inc. founder and former Chief Executive Officer Frank Stronach is suing his daughter and others for C$520 million ($398 million), claiming mismanagement of the family fortune. A lawsuit filed in Toronto by 86-year-old Stronach and his wife Elfriede names Belinda Stronach, chairman of the Stronach Group, Alon Ossip, Stronach Group’s CEO and others as defendants, grandchildren Nicole Walker and Frank Walker and the Stronach Consulting Corp. as co-defendants. The Stronachs “regret having to commence proceedings in the Ontario Superior Court against their daughter Belinda, Alon Ossip and others,” the couple said in a ... (full story)